Financial Aid

The Financial Aid process can be difficult to navigate - especially for students and families going through it for the first time.

The ACPHS Office of Financial Aid will help you throughout the process so that you make the best choices for you and your family.

New and Prospective Students

New and prospective students can file most financial aid applications online using the links below. Paper applications may be requested from the Office of Financial Aid.

Free Application for Federal Student Aid (FAFSA)

All applicants seeking federal financial aid must file the Free Application for Federal Student Aid (FAFSA). The FAFSA becomes available January 1, with a priority filing deadline of February 1.

  • Federal School Code - 002885
  • File your FAFSA Online - You may begin filing January 1. The priority deadline for new students is February 1st.
  • Apply for a Federal Personal Identification Number (PIN) Online.

CSS Profile

  • Early Decision candidates seeking consideration for financial aid may submit the 2014-15 Profile Application, available from the College Scholarship Service (CSS). This application will allow the Office of Financial Aid to provide preliminary financial aid estimates to families in late December. The Profile Application deadline is November 15. Families filling out the CSS Profile will need to estimate their 2014 income when completing this application as taxes will not be filed by the application deadline. Please note that the Profile Application has a processing fee that must be paid by the student. 

FAFSA Verification Process

  • A student's Free Application for Federal Student Aid (FAFSA) may be selected for review in a process called verification. The law says that before awarding Federal Student Aid, the College may ask you to confirm the information reported on your FAFSA. If a student is selected for verification, s/he will be notified by the Office of Financial Aid and be required to fill out the designated forms on the ACPHS Financial Aid web site. If you have questions about verification, please contact the Office of Financial Aid as soon as possible so that your financial aid is not delayed.

Direct Federal Student Loans

Entrance Interview Process

Lender List

  • The Office of Financial Aid receives numerous requests for information about student loan products from students and families each year. Students and families who wish to obtain student loans, must select the lender of their choice. This has been and continues to be the philosophy and practice of the Office of Financial Aid at Albany College of Pharmacy and Health Sciences. We strongly encourage all students and families to research financing options thoroughly and utilize those options that best fit within their financial situation.
  • To aid our students, we have compiled a suggested lender list. In this endeavor, we were guided by the NYS Student Lending Accountability, Transparency and Enforcement Act (SLATE).
  • In order to compile the list, the Office of Financial Aid completed a Requests For Information (RFI) process. The financial aid staff compiled a RFI questionnaire for all interested lenders to complete. Seven lenders submitted RFI reports to our office by the deadline. All of the seven RFI reports were reviewed thoroughly by the financial aid staff. After review, the financial aid staff met to discuss the RFI documents and obtain any additional information necessary to answer all questions raised during the review process. As a result of this process, the financial aid staff determined that seven of the nine lenders met the criteria established in our RFI document. The seven lenders listed meet the following requirements (in no particular order):
    • Have customer service hours that are flexible to meet student and families needs
    • Have low student loan default rates in all categories: nationally, within NY, VT and for ACPHS students
    • Offer low interest rate structures for private student loans
    • Have low back- and front-end fees charged to the borrowers in the private student loan products
    • Offer a quick turnaround for credit decisions for students and parents
    • Have high approval rates for credit-based student loans
    • Agree to allow a student to view the RFI materials with the VP of Enrollment Management in the Office of Financial Aid, upon request from the student
  • Click here to view lenders with loan products suited to your academic program.

Federal Master Promissory Note (MPN) - Non-Electronic Process

* If you are utilizing the paper MPN, send the completed document to the following address:

U.S. Department of Education
Direct Loan Servicing Center
P.O. Box 5609
Greenville, TX 75403-5609

Current and Returning Students

Current and returning students can file most financial aid applications online using the links below. Paper applications may be requested from the Office of Financial Aid.

Free Application for Federal Student Aid (FAFSA)

  • Federal School Code - 002885
  • File Your FAFSA Online - You may begin filing January 1st. The priority deadline for new students is February 1st.
  • Apply for a Federal Personal Identification Number (PIN) Online

FAFSA Verification Process

  • A student's Free Application for Federal Student Aid (FAFSA) may be selected for review in a process called verification. The law says that before awarding Federal Student Aid, the College may ask you to confirm the information reported on your FAFSA. If a student is selected for verification, s/he will be notified by the Office of Financial Aid and be required to fill out the designated forms on the ACPHS Financial Aid web site. If you have questions about verification, please contact the Office of Financial Aid as soon as possible so that your financial aid is not delayed.

Direct Federal Student Loans

Lender List

  • The Office of Financial Aid receives numerous requests for information about student loan products from students and families each year. Students and families who wish to obtain student loans, must select the lender of their choice. This has been and continues to be the philosophy and practice of the Office of Financial Aid at Albany College of Pharmacy and Health Sciences. We strongly encourage all students and families to research financing options thoroughly and utilize those options that best fit within their financial situation.
  • To aid our students, we have decided to compile a suggested lender list. In this endeavor we were guided by the NYS Student Lending Accountability, Transparency and Enforcement Act (SLATE).
  • In order to compile the list, the Office of Financial Aid completed a Requests For Information (RFI) process. The financial aid staff compiled a RFI questionnaire for all interested lenders to complete. Seven lenders submitted RFI reports to our office by the deadline. All of the seven RFI reports were reviewed thoroughly by the financial aid staff. After review, the financial aid staff met to discuss the RFI documents and obtain any additional information necessary to answer all questions raised during the review process. As a result of this process, the financial aid staff determined that seven of the nine lenders met the criteria established in our RFI document. The seven lenders listed meet the following requirements (in no particular order):
    • Have customer service hours that are flexible to meet student and families needs
    • Have low student loan default rates in all categories: nationally, within NY, VT and for ACPHS students
    • Offer low interest rate structures for private student loans
    • Have low back- and front-end fees charged to the borrowers in the private student loan products
    • Offer a quick turnaround for credit decisions for students and parents
    • Have high approval rates for credit-based student loans
    • Agree to allow a student to view the RFI materials with the VP of Enrollment Management in the Office of Financial Aid, upon request from the student
  • Click here to view lenders with loan products suited to your academic program.

Federal Master Promissory Note (MPN) - Non-Electronic Process

* If you are utilizing the paper MPN, send the completed document to the following address:

U.S. Department of Education
Direct Loan Servicing Center
P.O. Box 5609
Greenville, TX 75403-5609

Exit Interview Process - Graduating and Former Students

Consideration for Additional Aid Process

Early Decision Applicants

Early Decision candidates seeking consideration for financial aid may submit the 2014-15 Profile Application, available from the College Scholarship Service (CSS). This application will allow the Office of Financial Aid to provide preliminary financial aid estimates to families in late December. The Profile Application deadline is November 15.

Families filling out the CSS Profile will need to estimate their 2014 income when completing this application as taxes will not be filed by the application deadline. Please note that the Profile Application has a processing fee that must be paid by the student. 

While submission of the Profile Application is optional, ALL applicants seeking federal financial aid must file the Free Application for Federal Student Aid (FAFSA). The FAFSA becomes available January 1, with a priority filing deadline of February 1.

Eligibility Requirements

Many students will be assisted by grants, scholarships and loans from state and federal governments, the College and other private agencies.

Nearly 90 percent of current students have received some assistance. Total figures for the 2012-13 academic year are as follows:

  • Grants and Scholarships – $10,445,413
  • Loans – $34,845,620

All students are expected to apply for federal and state grant programs for which they may be eligible. Students are also expected to use the Federal Direct Stafford Loan Program when necessary. Students are expected to file the Free Application for Federal Student Aid (FAFSA) or Renewal FAFSA each year in order to determine financial aid eligibility.

Students must have unmet need in order to qualify for need-based aid. The College will determine the student's unmet financial need by deducting the federal expected family contribution from the student's cost of attendance. Need-based awards are limited and offered on a first-come, first served basis to students who meet the College's financial aid deadlines.

ACPHS’s Federal Title IV Code is 002885. The filing deadline for the FAFSA is February 1 for new students and March 1 for returning students. Students are encouraged to submit the FAFSA or Renewal FAFSA electronically. Students without Internet access may mail the paper FAFSA form to the federal processor. The federal processor will conduct an analysis of family income, assets, number in household and number of family members attending college using the federal methodology formula.

The federal methodology formula is approved by the U.S. Congress each year to determine the expected family contribution. Students selected for verification or correction must submit copies of student, spouse and parent(s) 2012 signed IRS Tax Transcripts and W-2 forms with a federal verification worksheet to the office of financial aid by May 1. Students subsequently selected for verification after May 1 are required to submit these documents within 60 days of written notification from the Office of Financial Aid. The Office of Financial Aid cannot process financial-aid awards for students who do not meet the above deadlines.

The Office of Financial Aid will determine the student’s financial need according to the following formula: Cost of Attendance minus Expected Family Contribution equals Financial Need. In addition to filing the required forms and demonstrating financial need, the student must continue to maintain satisfactory academic progress to remain eligible for federal, state and institutional financial-aid awards.

A student's enrollment status for determining financial aid eligibility and student loan deferment includes only courses required for degree fulfillment. Courses in which you are enrolled that are not required for your degree program do not qualify for payment or student loan deferment.

Students placed on academic probation at the end of the academic year will have one semester of grace before losing financial-aid eligibility. Academic progress is measured yearly. Please visit our link regarding the College's SAP Policy.

Appeal Process

Students have the right to appeal the loss of aid by writing to the Vice President of Enrollment Management. The appeal letter must include documentation of the unusual and extraordinary circumstances that prohibited the student from meeting the standards of satisfactory academic progress.

Standards of Academic Progress

Federal regulations require the Office of Financial Aid to monitor the academic progress of students attending Albany College of Pharmacy and Health Sciences (ACPHS). It is important to note Standards of Academic Progress (SAP) are separate from, and in addition to, the Academic Standing policy and progression requirements established in the Academic Regulations section of the catalog. All students regardless of major, grade level and course load will be evaluated with the same standards for federal and institutional aid eligibility.

Frequency of SAP Evaluations

The Office of Financial Aid will review SAP annually in June, after spring semester grades are posted. This standard is stricter than the College's Academic Standing policy for students who are not receiving Title IV Assistance.

Qualitative Standard

All students must be in good academic standing with the College. Students enrolled in a Bachelor's of Science degree or the Doctor of Pharmacy degree must maintain a minimum cumulative grade point average (GPA) of 2.0 at the end of each academic year. Beginning in the 2011-2012 academic year, all Doctor of Pharmacy students must have a minimum cumulative GPA of 2.5 to graduate. Students enrolled in a Master's degree program must maintain a minimum cumulative GPA of 3.0 at the end of each academic year. In addition, the Higher Education Act requires that all students, at the end of their second year, have a cumulative GPA of at least a "C" or have an academic standing consistent with their program's graduation requirements.

Quantitative Standard (Pace of Progression)

All students must progress toward degree completion at a defined cumulative rate. Completed coursework and credit hours earned are defined as any course for which a student receives a passing grade. The examples below specify the minimum number of credits the student must earn to progress successfully.

Doctor of Pharmacy Example
Year in School Fall Semester Spring Semester Total Attempted (Cumulative) Must earn at least (Cumulative)
1st 17 18 35 35 X 50% = 18
2nd 18 17 70 70 X 67% = 47
3rd 16

18

104 104 X 67% = 70
4th 18 17 139 139 X 67% = 93
5th 18 18 175 175 X 85% = 149
6th 18 18 211 211 X 95% = 200

 

Master's Degree Example
Year in School Fall Semester Spring Semester Total Attempted (Cumulative) Must earn at least (Cumulative)
1st 9 9 18 18 X 67% = 12
2nd 9 9 36 36 X 67% = 24

 

Bachelor's Degree Example
Year in School Fall Semester Spring Semester Total Attempted (Cumulative) Must earn at least (Cumulative)
1st 16 17 33 33 X 67% = 22
2nd 16 17 66 66 X 67% = 44
3rd 15 19 100 100 X 67% = 67
4th 16 16 132 132 X 67% = 88

Process for Incompletes, Withdrawals, Repetitions and Transfer of credit from other schools

Course incompletes and withdrawals are counted as attempted coursework when reviewing SAP. Neither repeated grades nor original grades earned at other colleges will contribute to the student's GPA at ACPHS. Transfer credits will be counted in the quantitative status but not the qualitative status. Students who change their major will be placed on the chart for the semester in which they are entering.

Loss of Financial Aid Eligibility

If students fail to maintain SAP, they will lose eligibility until they raise their cumulative GPA to the minimum standard and/or by making up the credit deficiency.

Appeals

Students who fail to make SAP due to very serious circumstances, such as injury, illness, the death of a relative or other special circumstances, which caused a major disruption to their ability to successfully complete their coursework may appeal the loss of that aid to the Director of Financial Aid. Students should submit a letter to the Director of Financial Aid along with documentation to substantiate the unusual or extraordinary circumstance(s) that prohibited the student from making SAP. This must include a comprehensive description of the circumstance(s) and documentation from at least two qualified persons who can verify the information.

In addition, students must explain what has changed with their situation that will allow the student to meet SAP requirements at the next evaluation. In cases of student injury, student illness or death of an immediate family member, the Director of Financial Aid may decide to review the appeal before proceeding to the Financial Aid Appeals Committee. The student must submit a letter of appeal and associated documentation to his/her case by August 1. Within 2-4 weeks of receiving the letter, the Financial Aid Appeals Committee will review the appeal, make a recommendation and send a letter of response.

Financial Aid Probation

The status of probation is assigned to a student who is failing to make SAP and who successfully appealed their loss of financial aid eligibility. Students in this status will have their financial aid reinstated for one payment period. At the end of that payment period students will be reevaluated for federal and institutional aid eligibility.

Academic Plan

If the Financial Aid Appeals Committee determines, based on the student's appeal, that it will take more than one payment period for the student to meet progress standards, a status of probation will be assigned and an academic plan will be developed. Students in this status will have their progress reviewed at the end of one payment period to determine if the student is meeting the requirements of the academic plan. If the academic plan is being followed, the student will regain eligibility for Federal Student Aid, as long as they continue to meet the requirements set forth in the academic plan. Students may appeal to change their academic plan by explaining what has happened the make the change necessary and how they will continue to meet SAP.

Reestablishing Aid Eligibility

If students fail to maintain SAP, they may regain eligibility by raising their cumulative GPA to the minimum standard and/or by making up the credit deficiency without the benefit of federal or institutional aid.

Maximum Time Frame for Degree Completion

Students must complete their degree within the maximum timeframe of 150% of the published length of the academic program. Students enrolled in the Doctor of Pharmacy program must complete their education objective within a period of nine years (6 years x 150%). A student enrolled in any of the Bachelor's degree programs must complete his/her educational objective within a period of six years (4 years x 150%). A student enrolled in a Master's degree program must complete his/her education objective within a period of 150% of the length of their program.